Last hours approach for ailing Marussia

Jan.18 (GMM) The eleventh hour is fast approaching for Marussia.

Now called Manor, the name of the operating company, the backmarker team is in administration and fast shedding its assets to pay millions in creditors' bills.

The Banbury factory, for one, is believed to have been sold to 2016 entrant Gene Haas, and key staff have defected to rival teams.

It is believed Haas was also among the buyers of team equipment sold recently at auction, indicating that Marussia is clearly in its death throes.

But team president Graeme Lowdon was quoted on Sunday by Britain's Sky: "There have been some auctions already but none of the equipment that has been sold so far is essential for the team to go forward."

However, more auctions will take place in the coming week, and Lowdon has warned that if Wednesday's sales go ahead, Marussia's fate will be sealed.

"If that equipment went next week," he admitted, "it would be difficult."

It means the survival of the backmarker now depends on a rescue deal being put in place within the next 48 hours, Lowdon added.

"It's certainly possible for the team to get there," he said. "It would be good news for F1 and for our fans certainly."